R-2019-38 - Bond Refunding

Council also approved a resolution refunding some of the City’s bonds with an aggregate principal amount not to exceed $6,165,000. These bonds were issued in 2015 and with the favorable market, the City could save over $200,000 in interest costs and financing charges with the refunding.

Work Session Highlights

Discussion - VDOT Traffic Study

Council discussed possibly doing a VDOT study for the South Pleasant Valley Road corridor from E. Cork Street past Crossover Blvd. VDOT offered to conduct the study due to the frequency of crashes that have occurred there over the years. The study would identify opportunities for improved traffic flow and safety. Council discussed the importance of reaching as many residents, visitors and drivers of all ages and suggested the City’s communications team get involved to help reach as many people as possible. Staff will begin coordinating with VDOT to improve community engagement on the study.

R-2019-41 - Bond Refunding

Council forwarded a resolution for the issuance and sale of a Taxable Water and Sewer System Revenue Refunding Bond in an aggregate principal amount not to exceed $8.6 million to the September 24 regular meeting for final vote. Estimated savings of the refunding is $721,000 or 1.5%.

R-2019-42 - Improvement Projects VDOT Funding Request

Council discussed applications for VDOT Revenue Sharing Funds as proposed by staff. During the June 25, 2019 Work Session, Council authorized staff to submit pre-applications to VDOT for eight improvement projects to determine eligibility for funding. These projects include:

N. Cameron Drainage Improvements - Phase II

Millwood Avenue Traffic Improvements

Jubal Early at Pleasant Valley Traffic Improvements

Pleasant Valley at Cork dedicated Turn Lane

Middle Road Sidewalks and Bike Lanes

Boscawen Street Improvements

Green Circle Trail Widening on Jubal Early

City-wide Street Paving

The pre-applications were submitted and all eight projects were screened by VDOT and determined to be eligible to submit a formal application for funding. VDOT Revenue Sharing Funds utilize state funds where 50% of the total project cost is funded by the state and 50% by the City.The applications are due on October 1, 2019, and require a resolution to be adopted by City Council. The total cost for all eight projects is estimated to be $20 million. Council forwarded the resolution to the September 24, 2019 regular Council meeting for official vote.

R-2019-43 - Transportation Improvement Projects VDOT Funding Request

Public Services Director Perry Eisenach presented funding applications for VDOT Transportation Alternative funds for FY21 and FY22. During the June 25, 2019 City Council Work Session, City Council authorized staff to submit pre-applications to VDOT to determine eligibility for three projects. These projects include:

Middle Road Sidewalks and Bike Lanes

Boscawen Street Pedestrian Mall

Green Circle Trail Widening

The pre-applications were submitted and all three projects were screened by VDOT meaning that each project is eligible to submit a formal application for possible funding. The applications are due on October 1, 2019, and require a resolution to be adopted by City Council. Transportation Alternative funding utilizes federal funds where up to 80% of the total project cost is funded with federal funds and 20% by the City. The total cost for all three projects is estimated to be $2.5 million. Council forwarded the resolution to the September 24, 2019 regular meeting for official vote.